Bitcoin (BTC) Price Analytics: Be careful when trading BTCUSD

• Bitcoin price fell from all-time high around 73500 against the US Dollar.
• The price is currently trading below $64470 and the 55 simple moving average (4-hours).
• There was a break below the key uptrend line followed by a retest of the $69,000 price range and continued decline on the 4-hour chart.
• Bitcoin’s price is struggling and could fall to the $60,000 – $62,000 range

Bitcoin (BTC) Price Analysis

Over the past few weeks, the price of Bitcoin has risen steadily past all-time highs amid market-wide euphoria.

After reaching the peak, the price moved into the adjustment phase to MA55 and then broke through the MA55 line and continued to break through the previous uptrend line.

The market continues to face difficulties as the price unsuccessfully returns to test the $69,000 – $70,000 range and continues to decline.

A clear bearish trend could take Bitcoin price decrease $60000 – $62000.

Looking at the chart, Bitcoin price is currently trading below $65000 and the 55 simple moving average (4-hours). In general, the price may continue to decrease to the $60,000 – $62,000 area.

Technical indicators

• 4-hour MACD – The MACD for BTC/USD is currently accelerating in the bearish zone.
• 4-hour RSI – The RSI for BTC/USD is currently below the 50 level.
• Key support levels – $62000 and $59300.